The Coto family of Argentina closed on a $200 million construction loan to build Aston Martin Residences, a luxury waterfront condo tower in downtown Miami.
Riverwalk East Developments LLC, an affiliate of the Coto’s G&G Business Developments, secured the financing from Brazilian lender Itaú BBA International, property records show.
G&G broke ground on the 66-story, 391-unit tower at 300 Biscayne Boulevard Way about a year ago. It’s expected to be delivered in 2022, which could be the start of the next cycle.
Prices range from about $800,000 to more than $50 million, and Cervera Real Estate is handling sales and marketing. The project is just over 40 percent presold, according to a spokesperson.
The Coto family runs the large Coto Supermarkets chain in Argentina, and has development projects in Latin America and Europe.
The downtown Miami building is being built on the former Epic East site at the mouth of the Miami River. The developer bought the 1.25-acre property for $125 million in 2014.
A spokesperson for G&G could not immediately be reached for comment.
The sail-shaped building, designed by Revuelta Architecture and Bodas Miani Anger, is the first residential tower for Aston Martin. Amenities will include butler yacht service that delivers residents to the beach.
Banks have generally pulled back on condo construction lending in South Florida over the past year, with a few large projects as the exceptions. Despite a marketwide slowdown in luxury condo sales, the Trump Group (of no relation to the president), closed on a $558 million loan from Bank OZK in October, marking the largest condo construction loan in Miami-Dade County this cycle. The second largest construction mortgage of the cycle was the $315 million loan by Wells Fargo and Blackstone to Dezer Development and Related Group’s Residences by Armani/Casa.
Source/ The Real Deal (Online)
Date/ Nov, 27,2018